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[You must be registered and logged in to see this link.] government updates the philosophy of {investment spending}
Iraq 2023/06/18
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Baghdad: Hoda Al- Baghdad: Hoda Al-Azzawi
Economic experts discussed the issue of the decrease in the investment budget to approximately 22% of the federal general budget. According to experts, this reduction occurs for the first time in Iraq, and it indicates a lack of an economic vision, while other experts responded that there is “misleading.” In circulation of copies of the budget, which are tainted by ambiguity in terms of the percentage of amounts allocated to investment spending.
Adviser to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, explained in an interview with “Al-Sabah”: “There is confusion in trading the percentage of amounts allocated for investment spending, because that depends on the amount of total spending or the spending ceiling and the amount of investment spending, which is important.”
He pointed out that “the rate of reduction is a relative issue. In fact, there is a trend towards (development funds) that need allocations from the share of the investment budget and a direction towards future projects, indicating that “the investment philosophy and its allocations have undergone a major change based on the government curriculum.”
And he noted that “what is being circulated is only a change in the structure of financial regulation and not a reduction in investments, as much as it is a re-allocation of financial investment in the country by redirecting it between funds as financial allocations and between government projects, whether at the level of sectoral ministries or governorates, so we believe that The outcome is the same, but its classification is mentioned in this way.
Saleh concluded his speech with an interesting point related to the spending ceiling, which has increased compared to previous years, and he said: “If we compare the investment spending for the year 2021 with the investment spending ceiling in the 2023 budget, we find it higher, so the percentages do not represent the truth as much as the total expenditure.” That “the ceiling of the 2023 budget is close to 200 trillion dinars, and this differs from the budget whose ceiling is 139 trillion dinars in terms of investment, and as I mentioned above; There is a blur in trading percentages of amounts allocated for investment spending.
While the expert in financial affairs, Obaid Mahal, indicates in an interview with “Al-Sabah” that “many are wondering about the decrease in investment budget allocations compared to the total budget, and this is a negative indicator in the sense that the exchange is (consumptive),” noting that “this is not important, What is much more important revolves around (how much of the amount allocated for the investment budget will be implemented on the ground) in light of the long experience that accompanied us during previous budgets, so we did not see on the ground what was allocated,” he asked, “What is the value of the numbers of the allocated amounts in light of their non-implementation?
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Edited by: Muhammad Al-Ansari
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Edited by: Muhammad Al-Ansari
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